Pharmaceutical companies have stepped up acquisition activity, with STAT+ reporting 32 biotech acquisitions valued at $1 billion or more in the past six months. The figure reflects a heightened pace of large transactions, including $123 billion spent across dealmaking over a similar period. The report characterizes 2025 as a particularly active year for blockbuster M&A, with 26 blockbuster deals valued at $112 billion, and notes that this year’s totals have been surpassed in roughly half the time. The scale and speed suggest acquirers are prioritizing pipeline access, platform capabilities, and late-stage assets. For biotech, the data points to a market where strategic buyers are moving quickly to secure diversified late-stage programs, potentially compressing the time windows for fundraising and independent program development.